Bonuses for bankers, bankruptcy for public services
Friday, 21 January 2011 13:59
So, now we know about the $15bn-plus 2010 pay package for Goldman Sachs partners and employees. The top rungs will get their many millions each, with lesser and lesser amounts going down the GS hierarchy. The mass of its more than 35,000 employees will, as usual, get much, much less than the top. In addition, the appreciation of Goldman's share prices likewise adds billions to employees who got stock options, which were likewise distributed very unequally throughout the firm. The unequal division of rewards within Goldman Sachs mirrors and mocks the far larger social divide it feeds.
Rick Wolff is Professor of Economics Emeritus at the University of Massachusetts, Amherst and currently a Visiting Professor at the Graduate Program in International Affairs of the New School University in New York City. He has a PhD in Economics from Yale University as well as degrees from Harvard (BA) and Stanford (MA) Universities. He has authored or co-authored both scholarly and popular books and articles. His recent work analyzes the causes, consequences, and alternative solutions to the global economic crisis (including a documentary film/DVD and book both entitled Capitalism Hits theFan. All his work - including media appearances, lectures, whole classes, podcasts and blogs - can be accessed at www.rdwolff.com.